Autonomous & Sensor Technology - Hungary

The market size in the Autonomous & Sensor Technology market is projected to reach US$48.07m in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 13.75%, resulting in a market volume of US$104.10m by 2030.
In global comparison, the largest market size will be United States (US$6.80bn in 2024).

Definition:
Autonomous and sensor technology refers to the combination of advanced systems and devices that enable machines and vehicles to operate and make decisions independently and without human intervention. Autonomous technology encompasses the areas of perception, decision-making, and control systems that make it possible for machines to autonomously navigate, interact, and respond to their surroundings. Sensors, on the other hand, are devices that detect and measure physical or environmental variables such as temperature, pressure, motion, and light; these variables provide crucial data inputs for autonomous systems to perceive and understand their environments. By leveraging sensor data and autonomous capabilities, these technologies enable applications such as self-driving cars, industrial automation, robotics, and smart infrastructure.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Autonomous and Sensor Technology companies. Key players of the market include companies such as Nvidia, Waymo, and Velodyne Lidar.

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Technologies that enable machines and devices to function autonomously, such as autonomous vehicles, drones, and robotics
Sensors and related hardware that gather data from the environment, such as LiDAR, radar, and cameras.

Technologies that do not involve autonomous or sensor-based functionality, such as traditional software applications or physical goods
Products and services that do not use autonomous or sensor-based technology, such as consumer electronics and home appliances.

The Hungarian Autonomous & Sensor Technology Market in the Artificial Intelligence Market is experiencing considerable growth, driven by factors such as the increasing adoption of advanced technologies, growing awareness of health issues, and the convenience of online services. This growth rate is mainly impacted by the country's efforts to advance in the field of AI and the growing demand for innovative solutions.

Customer preferences: Consumers in Hungary are showing a growing interest in autonomous and sensor technology, particularly in the areas of smart homes and self-driving cars. This trend is driven by the country's aging population, as well as a desire for convenience and efficiency in daily life. As a result, there is a growing demand for AI-powered devices and systems that can assist with household tasks and transportation. This shift towards automation is also influenced by the country's strong tech culture and growing investment in AI research and development.

Trends in the market: In Hungary, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is experiencing a surge in demand for autonomous vehicles and smart sensors. This is driven by the country's focus on improving its transportation infrastructure and promoting the adoption of smart city technologies. As a result, there is a growing trend towards using AI-powered sensors for traffic management and autonomous vehicles for public transportation. This trend is expected to continue in the coming years, with significant implications for industry stakeholders such as automotive manufacturers, technology companies, and government agencies. The potential benefits include improved efficiency, reduced carbon emissions, and enhanced safety on the roads. However, there are also concerns around data privacy and cybersecurity that need to be addressed in the development and implementation of these technologies.

Local special circumstances: In Hungary, the Autonomous & Sensor Technology Market within the Artificial Intelligence Market is largely driven by the country's strong focus on innovation and technology. The government has implemented various initiatives to support the development of AI and sensor technology, such as tax incentives and funding opportunities. Additionally, Hungary's central location in Europe makes it an ideal hub for AI and sensor technology companies to establish a presence, leading to a highly competitive market. The country's rich history in mathematics and engineering also contributes to its expertise in developing advanced AI and sensor technologies. Furthermore, Hungary's strict data protection laws and regulations create a favorable environment for the growth of the market, ensuring the protection of consumer data privacy.

Underlying macroeconomic factors: The Autonomous & Sensor Technology Market within the Artificial Intelligence Market in Hungary is significantly impacted by macroeconomic factors such as technological advancements, government support, and investment in research and development. The country's strong emphasis on innovation and its growing economy are driving the demand for advanced sensor technologies and autonomous systems. Additionally, Hungary's skilled workforce and favorable tax policies are attracting companies to invest in the market, leading to its rapid growth. Furthermore, the increasing adoption of AI-powered solutions in various industries, such as manufacturing and transportation, is fueling the demand for autonomous and sensor technology in the country.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.

Autonomous & Sensor Technology - Hungary

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